Best Cryptocurrency Exchanges for Beginners
in Canada 2022

Making Crypto Simple
Liam Kemp — Last Updated on April 24, 2022

Do you want to join the crypto-craze and start trading cryptocurrency but don’t know where to start? This guide is an excellent place to begin.

We’ve investigated the best crypto exchanges in Canada and abroad to assist beginners with their first crypto experience and how to make the most of it. We’ve analyzed various important aspects while deciding on the best crypto exchange for newcomers to the crypto market, including the platforms’ security, trading fees, financial products, payment methods, ease of use, user experience, customer support, and legislation.

Let’s look at all these aspects from up-close before we get started with our list!

Exchange Website Rating Currencies Available Cryptocurrencies Fees Our Review Visit Site
Bitbuy logo 5/5 CAD 15 Cryptocurrencies 0.2% Bitbuy Review Visit Site
4/5 CAD 10+ Cryptocurrencies 0.2% NDAX Review Visit Site
4/5 CAD 5 Cryptocurrencies 0.5% Coinberry Review Visit Site
3.5/5 CAD 8 Cryptocurrencies 0.7% Newton Review Visit Site
3/5 20+ Currencies 400+ Cryptocurrencies 0.4% Crypto.com Review Visit Site
3/5 USD 30+ Cryptocurrencies 4% Coinbase Review Visit Site
3/5 42+ Currencies 100+ Cryptocurrencies 0.1% Binance Review Visit Site
2.5/5 EUR, GBP & USD 90+ Cryptocurrencies Daily Fees eToro Review Visit Site
2.5/5 USD, GBP & EUR 50+ Cryptocurrencies 0.26% Kraken Review Visit Site
Disclaimer: This site is supported by its users. We may receive commissions for purchases made through the links on our site. This does not impact our reviews or comparisons, you can learn more about our Affiliate Disclosure.

The Best Crypto Exchanges for Beginners 2022

Bitbuy logo
5/5

WEBSITE:
bitbuy.ca

Country:
Canada

Currency:
CAD

Fees:
0.5%

Available Cryptocurrencies:
17 Cryptocurrencies

Read Our Full Bitbuy Review

1. Bitbuy Exchange

Our initial pick is the Bitbuy cryptocurrency exchange. In addition to being one of the most user-friendly platforms available, this Canadian cryptocurrency trading platform can help any newbie feel at ease while swapping coins without being overwhelmed by sophisticated trading tools and terminology.

Established in Toronto in 2013, Bitbuy provides simple trading solutions for various cryptocurrency exchanges. When it comes to coins, Bitbuy may not offer a wide range of digital assets, but it does support the most prominent ones, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ripple (XRP), and other altcoins. This allows Bitbuy to maintain a consistent level of liquidity for its users at all times.

Bitbuy charges a fee for Interac e-Transfers both when you make a deposit and a withdrawal. In most cases, Interac deposits take less than a couple of hours to complete, which makes them popular with Bitbuy clients. However, if you want to fund your trading account via Interac, be prepared to pay a fee of 1.5%. Making a direct deposit through your bank account is also an option with Bitbuy. 

Security-wise, Bitbuy keeps 95% of its funds in cold storage and provides comprehensive insurance coverage in case of a cyberattack or fraudulent behaviour.

Last but not least, this Canadian exchange has been renowned for providing excellent customer service, which is particularly important for beginners in crypto trading. You’d probably agree that having expert assistance while taking your first steps into the world of cryptocurrencies can be quite advantageous.

Pros:

  • Highly professional customer support;
  • Low trading fees;
  • User-friendly platform;
  • Instant verification;
  • Safe platform and secured funds;
  • Regulated exchange;
  • Straightforward trading tools.

Cons:

  • Supports only a handful of cryptocurrencies;
  • Interac deposits impose higher than average fees.

Visit Bitbuy

NDAX logo
4/5

WEBSITE:
ndax.io

Country:
Canada

Currency:
CAD

Fees:
0.2%

Available Cryptocurrencies:
10+ Cryptocurrencies

Read Our Full NDAX Review

2. NDAX Exchange

NDAX is a Calgary-based cryptocurrency exchange. A lot of people who aren’t very good at trading use NDAX to buy cryptocurrency because of its simple and intuitive UI. Additionally, professional traders can benefit from the site’s sophisticated trading options, including an OTC desk.

Compared to other trading platforms, the transaction fees on NDAX are very low. The exchange has a clear pricing structure that begins at 0.2% for all transactions. Aside from that, depositing Canadian dollars or cryptos into your NDAX account is free. If you want to move money from your NDAX account, the withdrawal will incur a flat fee, no matter how much money you’re taking out. This fee depends on the current blockchain business of the crypto in question.

Pros:

  • Beginner-friendly platform;
  • Low fees;
  • No deposit or withdrawal fees;
  • Easy and fast account registration.

Cons:

  • Not available for international users.

Visit NDAX

Coinberry Logo
4/5

WEBSITE:
coinberry.com

Country:
Canada

Currency:
CAD

Fees:
0.5%

Available Cryptocurrencies:
5 Cryptocurrencies

Read Our Full Coinberry Review

3. Coinberry Exchange

Coinberry is one of the most regulated platforms in Canada, facilitating a relatively risk-free trading process. The Coinberry platform includes automated cryptocurrency purchases and selling orders, as well as a secure payment processing solution for both individual market participants and corporations.

Litecoin (LTC), Stellar (XML), Ripple (XRP), Bitcoin Cash (BCH) are among the 30 digital currencies offered by the Coinberry trading platform. Naturally, the list also includes the most well-known cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH). 

However, despite the fact that you can effortlessly trade all of these cryptocurrencies using Coinberry’s buy and sell options, you can only withdraw your funds in BTC, ETH or LTC and deposit only BTC and ETH. CAD deposits are also supported.

Coinberry levies a flat fee of 0.5% per transaction, which is slightly above the industry-average. On the plus side, Coinberry withdrawals are free but don’t forget to add the mining fee towards your total costs.

Coinberry has partnered with Gemini Trust Company LLC (Gemini) to provide the highest degree of cold storage safety for the exchange’s investors’ assets.

Pros:

  • A highly regulated exchange;
  • User-friendly platform;
  • You can start trading within a few minutes from the registration;
  • Free deposits and withdrawals;
  • Automated purchases. 

Cons:

  • Withdrawals can be made only in BTC, ETH, and LTC;
  • Mining costs apply to the transaction of the respective cryptocurrency. 

Visit Coinberry

Newton Logo
3.5/5

WEBSITE:
newton.co

Country:
Canada

Currency:
CAD

Fees:
0.7%

Available Cryptocurrencies:
8 Cryptocurrencies

Read Our Full Newton Review

4. Newton Exchange

Newton is another great beginner-friendly exchange in the long line of licenced Canadian cryptocurrency trading platforms that offers easy and safe trading. As it only provides elementary buy and sell options, this platform is geared towards new users or crypto investors who seek practical and easy trading solutions.

Furthermore, this platform is fee-free, which means that you will not be charged any fees for transaction processing, withdrawals, or deposits. The exchange will also reimburse the mining costs up to 5 CAD. If your charges exceed this amount, you’ll be required to pay the remaining mining fees. Interac e-transfer, pre-authorized debit payments, wire transfers, and cryptocurrency deposits are just a few of the funding options available on the Newton exchange.

Pros:

  • Fee-free exchange;
  • Highly secured platform and assets.
  • Regulated platform.

Cons:

  • Doesn’t accept credit card/debit card purchases;
  • You’ll need to pay the mining fees above 5 CAD;
  • Supports only CAD deposits.

Visit Newton

Crypto.com exchange logo
3/5

WEBSITE:
crypto.com

Country:
China / Hong Kong

Currency:
20+

Fees:
0.4%

Available Cryptocurrencies:
400+

5. Crypto.com

Crypto.com is a distributed, fully accessible blockchain brokerage that offers a wide range of financial instruments to both new and experienced crypto traders. In addition to the platform’s straightforward and clear user interface, you’ll find a wealth of blockchain and cryptocurrency-related info, which could be difficult for some less experienced traders to wade through.

Despite the fact that the Crypto.com website is designed for expert traders, beginners will have no problem purchasing their preferred coins using this platform. However, be prepared for a longer registration process and keep your personal documents at hand (such as photo ID, a selfie, etc.), as Crypto.com follows the KYC user verification guidelines for increased protection of your data, trading account, and funds.

Canadian residents can fund their trading accounts with Canadian dollars for free through Interac e-Transfer, or choose from the 20 fiat currencies supported on the platform. You can also purchase cryptocurrency using your credit or debit card, PayPal, SEPA bank transfer, etc.

The platform employs a maker/taker fee model under which liquidity makers can benefit from lower costs, whilst liquidity takers must pay transaction fees for each trade amounting to 0.4% of the transaction.

Finally, Crypto.com is available as a desktop and mobile app compatible with Android and iOS devices. The app makes it even easier for traders to keep track of their coins and participate in the cryptocurrency market on the go.

Pros:

  • An impressive selection of supported crypto and fiat currencies;
  • Beginner-friendly platform;
  • Enables free CAD deposits;
  • Provides both desktop and mobile app. 

Cons:

  • For those who are new to crypto trading, the vast array of financial services and products available can be somewhat daunting.

Visit Crypto.com

coinbase logo
3/5

WEBSITE:
coinbase.com

Country:
United States

Currency:
USD

Fees:
Varies

Available Cryptocurrencies:
30+ Cryptocurrencies

Read Our Full Coinbase Review

6. Coinbase

Coinbase is one of the most popular and beginner-friendly cryptocurrency exchanges in the world, ranking first in the United States as the most liquid platform. As the name suggests, this exchange serves as a secure base for all newcomers to the crypto world, allowing them to take their first steps into the market in a secure trading environment.

To start trading with Coinbase, you’ll need to complete the ID verification process. From here, obtaining your first cryptocurrency is as easy as entering the preferred amount in the provided widget and confirming the trade by clicking a single button. As simple as that. 

As a user-oriented exchange, Coinbase provides a separate platform for professional traders, conveniently labelled as Coinbase Pro, where skilled traders can engage in more complex trading strategies.

The trading costs on this platform range from $0.99 to $2.99 for each deal you make, spread fee included. Using your credit/debit card is by far the most expensive choice among the several payment options offered by Coinbase. Namely, this convenience will cost you a whopping 3.99% of your transaction.

Pros:

  • One of the most user-friendly and liquid exchanges in the world;
  • Has a dedicated platform for the professional traders, too;
  • Offers a vast selection of cryptocurrencies and payment methods. 

Cons:

  • Making a purchase or funding your account via credit card/debit card can be somewhat expensive. 

Visit Coinbase

binance logo
2.5/5

WEBSITE:
binance.com

Country:
Global

Currency:
60+ Currencies

Fees:
0.1%

Available Cryptocurrencies:
600+ Cryptocurrencies

Read Our Full Binance Review

7. Binance

Binance is the most popular crypto exchange in the world and also largest by trading volume. It provides its services to almost all countries worldwide at competitive fees, starting as low as 0.1% per trade. While this centralized exchange (CEX) levies one of the lowest fees in the industry, be mindful of the additional fees imposed by the payment providers. Making a payment with your credit card, for instance, could increase your expenses by 1.8%. 

On Binance, there is something for everyone: basic tools that allow for instant currency exchange for beginners and more complex financial services for traders who want to experiment with volatile products, such as derivatives and margin trading. There’s also a Binance.us platform aimed to serve US residents.

This exchange also has its own cryptocurrency known as the Binance Coin (BNB). The BNB coin is an ERC-20 token that was created on the Ethereum blockchain platform. Holders of the BNB currency benefit from reduced transaction costs, the ability to stake the BNB coin for lucrative financial rewards and the capacity to pay for everyday services and products using the Binance Visa card.

Pros:

  • The largest and most liquid crypto exchange in the world;
  • User-friendly and secure platform;
  • Suitable for both beginners and advanced traders;
  • An unrivalled number of supported currencies, stablecoins, altcoins, and trading pairs;
  • Low fees.

Cons:

The exchange is facing regulatory challenges in some countries.

Visit Binance

eToro logo
2.5/5

WEBSITE:
etoro.com

Country:
Europe

Currency:
EUR, GBP & USD

Fees:
Daily Fees

Available Cryptocurrencies:
90+ Cryptocurrencies

8. eToro

eToro is a global crypto exchange that provides a diverse range of financial services for both beginners and professional traders, ranging in complexity from simple crypto exchanges to the trading of volatile products. One of eToro’s most distinguishing features is the social trading and the copy trading tool. 

The copy trading instrument, in particular, allows traders to replicate a successful trading technique from another trader on the platform. For an even better user experience, this trading platform offers demo accounts, enabling traders to test their tactics without risking their actual money.

For the most part, eToro is regarded as a no-commission trading platform. However, there are some trading costs associated with more complex services, such as ETFs and CFD trading, as well as non-trading expenses that must be considered. To be specific, this online brokerage does not charge any fees for deposits, but withdrawals by bank transfer incur a cost of 5 USD per transaction. You will also incur an inactivity fee of $10 per month if you don’t use your trading account for a year. 

Pros:

  • User-friendly platform;
  • Suitable for beginners and experienced traders;
  • Provides a wide range of markets to trade on;
  • Supports credit card payments;
  • No account management fees
  • 0% stock commission.

Cons:

  • The only fiat currency you can fund your eToro trading account with is USD;
  • The spread can often add up to a 0.5% transaction fee;
  • You’ll be charged an inactivity fee for not using your account.

Visit eToro

Kraken logo
2.5/5

WEBSITE:
kraken.com

Country:
United States

Currency:
USD, GBP & EUR

Fees:
0.26%

Available Cryptocurrencies:
50+ Cryptocurrencies

Read Our Full Kraken Review

9. Kraken

Kraken is a veteran Bitcoin and cryptocurrency exchange that stands out from the crowd thanks to its robust security infrastructure. This San Francisco-based crypto exchange is also considered to have some of the best and most dedicated customer support teams. 

Similarly to Coinbase, Kraken features two distinct platforms – one platform for beginners featuring simple trading tools and one aimed at professional traders named Kraken Pro. While novice traders can enjoy instant purchases and straightforward crypto swaps, advanced traders can indulge in trading more volatile products, such as margin trading. 

In terms of transaction costs, Kraken strives to keep them as minimal as possible. However, keep in mind that the Instant Buy functionality could increase your trading costs significantly, as it is one of Kraken’s most expensive services.

Pros:

  • Low fees;
  • Industry’s best platform security protocols;
  • Excellent customer service with a 24/7 live chat;
  • Suitable for both beginners and advanced traders.

Cons: 

  • Instant Buy feature on the basic Kraken platform can be costly.

Visit Kraken

Disclaimer: This site is supported by its users. We may receive commissions for purchases made through the links on our site. This does not impact our reviews or comparisons, you can learn more about our Affiliate Disclosure.

What to Look for in a Beginner-Friendly Trading Platform?

Before you embark on your first crypto trading journey, research the available crypto exchanges and look for a safe trading platform with state-of-the-art security measures. Check to see what kind of documents and personal information you’ll be required to provide too.

Choosing the most popular platform is not necessarily the best decision, as many of these platforms feature a plethora of trading options that might be intimidating to a newbie. Don’t be fooled by the modern-looking UI, either. To begin crypto trading, you’ll need a platform with a straightforward and clean user interface, so you can easily grasp the steps you need to follow to execute your first cryptocurrency purchase.

It’s also helpful if the exchange has a knowledge base where you can learn how to use the platform’s features or brush up on blockchain and crypto ideas.

Finally, if you haven’t set up a cryptocurrency portfolio yet, seek an exchange that allows you to buy coins using fiat currency.

Frequently Asked Questions

Coinbase is the world’s most popular crypto trading platform for beginners. This global provider of financial services is easily accessible and features simple and fast trading widgets through which you can become a proud owner of your first cryptos in less than a minute. 

To begin crypto trading, you’ll typically need to open an account on an exchange and deposit money into it. Some exchanges require you to go through a user authentication process, too. In the next step, you’ll be presented with a form in which you need to enter the desired BTC amount, select a payment method, and confirm the transaction.

Indeed. Digital wallets are an excellent solution for safeguarding the crypto assets you buy or receive. While many exchanges provide their own cryptocurrency wallets, you can always use a personal wallet of your choice. Make sure the wallet type supports the coins you want to invest in, as not all wallets handle all sorts of cryptocurrencies and tokens.1